The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-09-25
FINANCE AND MINING.
Faith in the Big Time Coming
Increasing.
ORE AND BULLION OUTPUT.
S1.1O-The Chamber OF Com
merce-GeneraI

The incorporation of the Salt Lake 81
Los Angel Railway has been the
theme for discussion during the week,
and it N, ed scarcely be said that the
completion of the papers and the filing
of them with the Auditor, has gener-
ally been regarded as one OF the biggest
events tn history OF Salt Lake that
has happened in decade. or even IN
a score of years for that matt r. The
occurrence has had the result of in
creasing faith in the already promising
future, and has raised the hopes of our
merchants to degree that a month ago
would have been deemed barely pos
sible.
The week inst closed in business
circles did not diff very materially
from that of the previous one; trade
gradually was reported fair, at slight
advance, if any change at all was no
ticeable. Yesterday was busy Satur-
day, and the faces of num4 rous
country people were seen on the streets
and in the haunts of trade.
The fall trade has fairly set in.
As is evidenced by the items pub
lished from time to time in the col
umns of THE HERALD. the eyes of the
ountry in general are being turned to-
ward Utah, and with a different object
in view than heretofore.
During the past two weeks there have
been many additional names added to
the membership roll of the Cham
Der of Commerce; full revised list of
the mem bers is published this morning.
This of itself is hopeful sign-in unity
is strength, and that is something our
business men have been wofully in need
of for 10 these many years.
The question of freight rates on the
Union Pacific should be settled to-
morrow evening, but in some quarters
it is thought more than probable that
another extension of time will be asked
by the Great Discrimination.
Stocks have been quiet, few sales
being recorded, and outside Of the
transfer of a block of 100 shares of u. q.
M. l., are scarcely worthy of note. The
block was sold by Mr.. w. s. Mccormick,
and brought $1l0-the price set for it
some time since. The purchaser was
Mr.. A. f. Barnes.
Money easy at l and 10.
All anticipations of monetary string
ency this fall, says r. G. Dun & Co.'S
weekly report, which were EXPIRE ssed
months ago, are abundantly justified
by the pressure now felt in spite of sup
plies from abroad, far beyond reason
able anticipations. We're the merchan-
disc movement alone to control, gold
would be going out in large amounts;
instead, gold is coming in largely
through operations of syndicates, in
purchase of securities, or for other in
vestments or loans; and yet the pres
sure is severe. The Boston market is
tight, many millions having been sent
west for railroad building or other
operations. The Treasury continues to
absorb money; it holds at all points
50. 500 900 more gold than last Saturday,
and $500, COO more legal tenders, against
$700,600 less silver. Demand for small
bills has pressed silver notes into use
until $3.50 coo 900 are outstanding. But
Treasury absorption obviously does not
account for the scarcity, in view of the
large imports of gold, and the conclu-
sion is unavoidable that the drain Of
money to the west and south is IN
usually large. Great difficulty in max
ing time loans, because New York
DduhS nave IO IHOASN W spare OACOpG
on call, depresses stocks and begins to
cause curtailment of commercial trans
actions. Months ago, it was foreseen
that real estate speculation, and the at
tempt to do in one year all the building
needed for several years to come, would
cause some embarrassment, which is
now felt. Exports of oreadstuffs, pro-
visions, cotton. cattle and oil, in Au-
gust, were S37 900 900 in value, per
cent. above the same month last year
But imports at New York, for August,
show an increase of 15 per cent, which
would indicate another heavy excess of
imports over exports for that month.
Gold comes this way, not in payment
for goods, but as loan. The business
failures occurring throughout the
Uaited States and Canada during the
last seven days, as reported to R. G.
Dun & Co, the Mercantile agency, to-
day. Friday, by telegraph. number for
the United States 165, and for Canada
%, or total of 1888, as compared with
total of liza last week, and 1879 the week
previous to the last. For the CORES
ponding week of last year the failures
numbered 1876 (152 in the United States
and 80 in Canada).